At AJR & Co Ltd we offer a variety of accountancy services: As members of the Institute of Chartered Accountants in England and Wales, we prepare Statutory Accounts for your business with legal and relevant guidelines complying with the deadlines imposed by HM Revenue & Customs and The Registrar of Companies, where relevant. We work with limited companies, partnerships, sole traders and freelancers, spread across many sectors and with a wide range of turnovers.
Management Accounts and Annual accounts
The major difference between Annual accounts and Management accounts is: Annual accounts are prepared at the end of a company’s financial period to meet regulatory requirements imposed by Companies House and HMRC. These are also required to be published to the shareholders and general public. Whereas: Management accounts are produced throughout the year, to provide management with accurate timely financial information. These do not have to be published to shareholders or the general public.
Payroll & PAYE returns
PAYE (Pay As You Earn) is the system HMRC uses to collect income tax and National Insurance
contributions from all employees. Employers have obligations to ensure that Tax and National Insurance is correctly calculated from all employees’ wages each pay period (if they earn above a certain threshold). Then these amounts are paid by the employer to HMRC either quarterly or monthly for companies with a higher amount payable.
Employers are also responsible for issuing payslips to employees and dealing with new starters and leavers. If the business is registered under the Construction Industry Scheme (CIS) then monthly reports need to be sent to HMRC by the 19th of each month.
At the end of the tax year HMRC must receive a full Payment Submission.
Businesses with an annual turnover above the £85000 threshold have to submit VAT returns usually every 3 months. With the introduction of Making Tax Digital records for these now have to be kept digitally and submitted to HMRC using compatible accounting software.
VAT registered businesses can reclaim the VAT they have paid on business purchases although there are some exemptions for instance expenses and cars.
Company secretarial duties ensure the efficient administration of the company, particularly with
regard to ensuring compliance with statutory and regulatory requirements. Other company
secretarial services include: providing a registered office address and maintaining the company
registers, assisting with annual filings and making any adjustments to Companies House and HMRC.
For more information speak to AJR & Co Ltd